Channel Resistance & ABCD 127 Extension Tested

FX:EURUSD   Euro Fx/U.S. Dollar
134 0 0
Price is trading above the Kumocloud for the first time since
early May 2014. The 127 extension of the ABCD pattern
coincides with the long term sloping channel. Price bounced
off these levels but is holding above the cloud. Opportunities
to long the pair today comes in around weekly pivot point/
Kumocloud support and the D-level of the ABCD pattern
around 1,11 but chances are the Monthly Pivot Point will
be traded, to be tested as support, at 1,10. The Zone 1,10-
1,11 will define price action going forward. But if these levels
are left behind and we see a breaching of the channel and
127 extension, the next level stands around 1,15 (161 extension
of ABCD/Yearly S1/Feb high and Monthly R1,
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